Silver price continues its sideways trend despite more advances in gold.
The silver futures contract lost 0.20% on Thursday, November 21, as it went sideways again despite a run-up in gold prices. Last week, silver extended a post-election downtrend, reaching new local low of $29.75 on Thursday. It was the lowest since mid-September, before rebounding and breaking above the $30 level.
In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is gaining, but it remains within the recent trading range, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.2% higher, as it is trading along the $31.30 level. What about the other precious metals? Gold is 1.0% higher, platinum is 0.2% lower and palladium is 1.7% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 213,000. Today, we will get the important Flash Manufacturing PMI and Flash Services PMI numbers at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, November 22
- 2:00 a.m. U.K. - Retail Sales m/m
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI, ECB President Lagarde Speaks
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 6:15 p.m. U.S. - FOMC Member Bowman Speech
Monday, November 25
- 4:00 a.m. Eurozone - German ifo Business Climate
Paul Rejczak
Stock Trading Strategist